African Petroleum signs bidding agreement for exploration framework on Block CI-­513

offshoreplatform-EnricoStrocchi-flickrOil and gas explorer African Petroleum has signed a joint bidding agreement with a London-listed oil and gas company to agree upon an exploration framework for the Block CI-­513 licence area in Côte d’Ivoire

Along with the London-listed oil and gas company, African Petroleum will provide a framework for the third incoming party to secure 45 per cent operated interest in a production sharing contract (on the agreed terms) covering Block CI-513 licence area in Côte d’Ivoire. African Petroleum is expected to hold a non-operated interest of 45 per cent, and the remaining 10 per cent interest will be held by the West African nation's national oil company Petroci.

African Petroleum CEO Dr. Stuart Lake said, “We are delighted to have signed this agreement with a large London listed E&P company who is a proven operator in Africa. African Petroleum looks forward to completing the transaction so that we can commence an active near term exploration programme in Côte d’Ivoire.”

According to African Petroleum, the completion of the transaction is subject to negotiation and entry into commercial agreements and several conditions precedent including, but not limited to the agreement and approval of the government of Côte d’Ivoire.

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